FEMA Loan Interest Payment Relief Act

This bill directs the Federal Emergency Management Agency (FEMA) to provide financial assistance to a local government or electric cooperative as reimbursement for interest paid on a loan used for emergency or disaster recovery activities later paid for by FEMA assistance. The interest that qualifies for reimbursement may not exceed the amount of interest that would have been paid if the loan's interest rate were equal to the most recent prime rate.